Neovia Financial plc (Neteller) issued a trading statement this week on its quarter three performance for the period ended September 2009, but the news wasn't good - a 21% year-on-year decline in revenue.
Challenging market conditions continued to prevail as the company reported:
- Fee revenue of $14.9 million, a substantial decline compared to Q3,2008: $17.5 million.
- Active e-wallet users up 1% on Q3,2008 to 98,357; the trend for active e-wallet users to generate lower fees per user is continuing.
- The Newteller platform venture on track to launch fully in Q1,2010.
- Total revenue for the period was $15.1 million, a decline of 21% compared to Q3,2008's $18.2 million.
- Cash position rmains strong.
Given current economic conditions, Management says it continues to take a prudent view of the group's short term outlook and maintain tight control over operating costs and cash management.
Source: InfoPowa News